At current prices, the looted gold is worth around $70 million. PHOTO: PIXABAY
KARACHI:
Gold prices in Pakistan extended their upward trajectory on Wednesday, tracking gains in the international bullion market as investors flocked to safe-haven assets amid renewed tariff concerns and persistent geopolitical tensions between the United States and Iran.
According to the All-Pakistan Gems and Jewellers Sarafa Association, the price of 24-karat gold per tola rose by Rs1,300 to settle at Rs541,262 in the local market. Similarly, the price of 10 grams of gold increased by Rs1,114 to Rs464,044. The latest increase follows Tuesday’s sharp rise, when gold per tola surged by Rs3,400 to close at Rs539,962, reflecting sustained demand in both domestic and global markets. Silver prices also moved higher, with per-tola rates climbing by Rs268 to Rs9,554, mirroring the broader bullish trend. In the international market, spot gold advanced 0.5% to $5,172.17 per ounce by 1437 GMT, while US gold futures for April delivery gained 0.3% to $5,191, according to Reuters’ data.
Analysts said bullion remained supported by safe-haven flows as markets assessed the inflationary impact of potential new tariffs and monitored geopolitical risks. Ongoing tensions between Washington and Tehran, alongside reports that Iran and the United States are set to hold a fresh round of talks on Thursday, kept investors cautious and bolstered demand for gold. “There’s an inflationary impact from tariffs and high oil prices, especially if an attack is imminent, and I think there’s also some hedging by investors, who may be turning to gold,” said Bart Melek, Global Head of Commodity Strategy at TD Securities.
Separately, platinum prices touched their highest level since January 29 in international trading, signalling broader strength across the precious metals complex.
Market watchers noted that while some forecasts, including from the Bank of America, suggest gold could ease into the spring on seasonal factors, trade-related uncertainties and geopolitical risks may limit any downside in prices. With global cues remaining firm and the rupee relatively stable, local bullion rates are expected to remain sensitive to international price movements and currency fluctuations in the near term. The Pakistani rupee posted a slight appreciation against the US dollar in the inter-bank market on Wednesday. By the close of trading, the local currency settled at 279.51 per dollar, up by Rs0.01 from the previous session.
